Skip to comments.Should (CT) state government offer a retirement plan for private citizens?
Posted on 03/08/2012 7:25:10 AM PST by matt04
State government should offer a retirement plan to the increasing number of people whose companies don't provide a pension or a 401(k) savings program, labor groups and other advocates this week told a legislative panel.
The Labor and Public Employees Committee has raised a bill that would create a task force to study that concept and report back when the 2013 General Assembly session convenes next January.
"Much of our membership is fortunate enough to have defined-benefit pensions, largely because we were able to fight for them at the bargaining table," Salvatore Luciano, a veteran state employee union leader, told legislators Tuesday. But in the private sector, "this is a sacred part of the American dream that we are losing."
Luciano, the longtime executive director of Council 4 of the American Federation of State, County and Municipal Employees, said, "I see family and friends forced to choose between money in their 401(k) and helping their children pay for college. I see family and friends putting off their retirements as the assets in their 401(k) were lost during the stock market crash."
The traditional American retirement income was based on three tiers: Social Security, employer-sponsored retirement plans and personal savings, said Lauren Schmitz, a research analyst with the Schwartz Center for Economic Policy Analysis in New York.
"But the employer-sponsored retirement system is on the decline on several fronts," Schmitz testified, noting that a majority of employers offer no plan, with small and medium firms the least likely to provide one.
About 61 percent of employers nationwide sponsored plans in 2000, but just 53 percent did by 2010, she said, citing U.S. labor and census statistics. Over the same period in Connecticut, the percentage dropped from 64 percent to 58 percent.
(Excerpt) Read more at ctmirror.org ...
Sure the Money Faerie will just crap out gold and diamonds to pay for this.....
*full private use of a cruiser [no taxes, gas, maintenance]
*average of my salary for the last three years of work[$80K + $100K in overtime]
*full medical insurance
*full eye glasses
*ability to drive at excess speed, while going no where
*ability to talk on my phone while driving
*open carry without impunity
Yep...I want the the staties get.
The question for the ballot should include a statement that the money would be under the control of the state and if needed for another more important project, like health care costs for illegal aliens, it will be impounded.
Did you see this morning's Courant? I'm vivid. How the left is elimating the competition....
No kidding. They do get some great bennies, but then again we just had another police man get shot in Baltimore from some thug. Not sure the money is worth the danger. Plus anybody can become a policeman. Why do people always complain about what other professions get when they themselves could easily go into the profession they find “greener on the other side”? That has always made me wonder. I never get jealous of another profession because I chose what I do and if I want to change professions to get a better benefits package there is a way to do this.
The labor unions are proposing this in CA also. It would be managed by CALPERS, which would be able to use the money to pay for public employees, then when they run out of money they would just claim that private employees aren’t covered by contract so too bad for them.
401 savings plans are a joke.
Just get a good jar and plant your money in the backyard.
Well, if it is voluntary, anyone putting their money in there deserves what they get.
see: Teresa Ghilarducci, the most dangerous woman in America.
Let me tell ya about the cops here. They are prima donnas. You are far more in danger for your life as a teacher in an inner city public school, than as cop is, on his daily beat.
Cops are just high-paid janitors.
>>never get jealous of another profession<<
FWIW,naps .... I am not at all jealous. But as a taxpayer, the abuse of the system as it is presently set-up, encourages this adding. As a state, we are broke. This is theft.
I don't trust the Politicians nor the Courts. Private Citizens can set them up, so it's just setting up a system to rip off the citizens in the future.
It is done privately now. Don't get the government involved. It just gives the politicians more control and more opportunities to steal.